Reason
05-12-2009, 11:40 AM
Here was the first reply I received on April 2, 2009
Dear <-->:
Thank you for contacting me with your support for increased transparency in the Federal Reserve. I welcome the opportunity to respond to you regarding this important issue.
Like you, I am concerned with the direction the Federal Reserve has taken and fear it is fueling our economic instability. At the present time, the Federal Reserve Bank conducts internal audits without interference from Congress. While I understand the Federal Reserve's desire to act independently, I also recognize the vast influence that the Federal Reserve has on our economy. Especially in these difficult economic times, it is essential that the federal government ensures transparency from this institution. For this reason, I believe it is important to consider methods for increasing Congressional oversight while, at the same time, seek to preserve the autonomy this bank was designed to have.
As you know, H.R. 1207, the Federal Reserve Transparency Act, would reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported. This legislation has been referred to the House Financial Services Committee for consideration. You can rest assured that should this bill come before the House, I will be sure to keep your thoughts close in mind.
Thank you again for contacting me. Should you have any further questions or concerns, please do not hesitate to let me know.
Sincerely,
Duncan Hunter
Member of Congress
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After a few more emails to him I received this letter today,
May 12, 2009
Dear <--->:
Knowing of your interest in the Federal Reserve, I wanted to update you on legislation I am supporting.
You will be pleased to learn that I recently became a co-sponsor of H.R. 1207, the Federal Reserve Transparency Act. This legislation would eliminate restrictions on General Accounting Office (GAO) audits of the Federal Reserve and open the Federal Reserve's operations to enhanced scrutiny and congressional oversight. H.R. 1207 also directs the Comptroller General to complete an audit of the Federal Reserve System and report its finding to Congress before the end of 2010.
I share your desire for accountability and transparency with the Federal Reserve. Congress has a responsibility to ensure the Federal Reserve sets fair practices in establishing interest rates, managing monetary policy and stabilizing prices. As the role of the Federal Reserve continues to increase in addressing the financial markets, greater oversight is necessary. You can rest assured that I will continue to promote policies to control waste, fraud, and abuse in our government.
Thank you for the opportunity to update you on this important issue and please let me know if you have any questions. In addition, I hope you will sign up for my e-newsletter at www.hunter.house.gov to continue to be updated on issues of importance to you.
Sincerely,
Duncan Hunter
Member of Congress
Dear <-->:
Thank you for contacting me with your support for increased transparency in the Federal Reserve. I welcome the opportunity to respond to you regarding this important issue.
Like you, I am concerned with the direction the Federal Reserve has taken and fear it is fueling our economic instability. At the present time, the Federal Reserve Bank conducts internal audits without interference from Congress. While I understand the Federal Reserve's desire to act independently, I also recognize the vast influence that the Federal Reserve has on our economy. Especially in these difficult economic times, it is essential that the federal government ensures transparency from this institution. For this reason, I believe it is important to consider methods for increasing Congressional oversight while, at the same time, seek to preserve the autonomy this bank was designed to have.
As you know, H.R. 1207, the Federal Reserve Transparency Act, would reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported. This legislation has been referred to the House Financial Services Committee for consideration. You can rest assured that should this bill come before the House, I will be sure to keep your thoughts close in mind.
Thank you again for contacting me. Should you have any further questions or concerns, please do not hesitate to let me know.
Sincerely,
Duncan Hunter
Member of Congress
------------------------------------------------------------------------------
After a few more emails to him I received this letter today,
May 12, 2009
Dear <--->:
Knowing of your interest in the Federal Reserve, I wanted to update you on legislation I am supporting.
You will be pleased to learn that I recently became a co-sponsor of H.R. 1207, the Federal Reserve Transparency Act. This legislation would eliminate restrictions on General Accounting Office (GAO) audits of the Federal Reserve and open the Federal Reserve's operations to enhanced scrutiny and congressional oversight. H.R. 1207 also directs the Comptroller General to complete an audit of the Federal Reserve System and report its finding to Congress before the end of 2010.
I share your desire for accountability and transparency with the Federal Reserve. Congress has a responsibility to ensure the Federal Reserve sets fair practices in establishing interest rates, managing monetary policy and stabilizing prices. As the role of the Federal Reserve continues to increase in addressing the financial markets, greater oversight is necessary. You can rest assured that I will continue to promote policies to control waste, fraud, and abuse in our government.
Thank you for the opportunity to update you on this important issue and please let me know if you have any questions. In addition, I hope you will sign up for my e-newsletter at www.hunter.house.gov to continue to be updated on issues of importance to you.
Sincerely,
Duncan Hunter
Member of Congress